Terms
16 new/unreviewed 16 total
Term
What is Standard Costing?
Definition
A cost control system that compares actual costs with pre‑determined (standard) costs to identify variances and improve efficiency.
New/Unreviewed
Term
What are Standard Costs?
Definition
Predetermined unit costs set under efficient operating conditions; used as benchmarks for evaluating performance.
New/Unreviewed
Term
What is Variance Analysis?
Definition
The process of comparing actual results to standards
New/Unreviewed
Practice Tests
0 total
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